Tag: Finance

Trifecta Successfully Marks Initial Closing of Rs 2,000 Crore Fund IV
Trifecta Capital, a leading venture debt firm, has announced the initial closure of its fourth and most extensive venture debt fund yet. The firm aims to gather Rs 2,000 crore, including a Rs 500 crore greenshoe option, for this fund.
Back in 2015, Trifecta Capital introduced its inaugural venture debt fund, pioneering the asset class by delivering non-dilutive financial solutions to early and growth-stage new-economy businesses lacking access to conventional credit from banks and NBFCs. Since then, Trifecta Capital has successfully launched three venture debt funds, investing over INR 6,500 crore (US$ 875 million) so far. They assert having achieved impressive returns both in terms of IRR and DPI across these funds.
With Trifecta Venture Debt Fund – IV, the firm intends to invest in more than 100 companies, with a focus on industries like Fintech, Electric Vehicles, Consumer Products and Services, Logistics, New Age Manufacturing, B2B Services, and Core Tech, comprising Software and Hardware.
As per Trifecta, the fund will proactively explore investment opportunities in emerging industries such as renewable energy, climate, and sustainability, which are beginning to draw mainstream investment and are set for marked growth in the next decade. The firm has already invested in companies like Hygenco, Euler, and BatterySmart within these rapidly expanding sectors and is assessing other potential investments.
Currently, Trifecta is engaged in capital recycling from Trifecta Venture Debt Fund III after its complete drawdown. Over its venture debt funds, total credit costs have been maintained below 0.8%. In addition, capital gains from equity options across all funds exceed Rs 700 crore, ensuring no capital loss to any investor and notably enhancing fund returns.
To date, Trifecta Capital has gathered Rs 5,300 crore ($715 million) spanning four Venture Debt Funds and one Growth Equity Fund. It has invested Rs 7,800 crore ($1.06 billion), including recycled capital, in over 200 enterprises featuring more than 30 unicorns, with a portfolio worth $67 billion.
Trifecta’s distinguished portfolio companies include Atomberg, BigBasket, BlueStone, Country Delight, Cars24, Cashfree, Rebel Foods, Shadowfax, CarDekho, Curefit, DailyHunt, Infra.Market, Livspace, Meesho, PaperBoat, EatFit, UrbanCompany, Zolve, and Zepto.
January 30, 2025
Salad Days Secures ₹30 Crore in Series A Funding Round
Salad Days Secures Rs 30 Crore in Funding
The healthy food brand Salad Days has successfully raised Rs 30 crore ($3.6 million) in a Series A funding round led jointly by V3 Ventures and Client Associates Alternate Fund (CAAF). This significant milestone marks the brand’s first institutional investment after over a decade of profitable operation as a bootstrapped entity.
Strategic Use of Funding
The newly acquired funds will be utilised for expanding the brand’s omnichannel presence and enhancing its operational capabilities. Salad Days aims to invest in the opening of new stores, upgrading its technological framework, hiring talented staff, and boosting its marketing efforts.
About Salad Days
Established in 2014, Salad Days has developed a network of 25 cloud kitchens, with 12 locations in Delhi-NCR, 9 in Bengaluru, and 4 in Mumbai. The brand boasts a diverse menu that transcends traditional salads, offering options such as grain bowls, sandwiches, pita pockets, oatmeal bowls, soups, cold-pressed juices, smoothies, and various desserts.
Market Position and Future Growth
“With the rapid growth of India’s healthy food market, which is projected to reach $30 billion by 2026, we are well-positioned to meet the increasing demand for nutritious meals at accessible prices,” stated Varun Madan, founder and CEO of Salad Days.
Sales Channels
Salad Days sells its products through its official website, a centralised phone-order service, and major food delivery platforms such as Swiggy, Zomato, and ONDC.
Competitive Landscape
Bombay Salad Co. stands out as one of the main competitors to Salad Days in the healthy food sector.
January 30, 2025
InfoEdge Ventures Champions $1 Million Investment in Shoppin
Shoppin Secures $1 Million in Funding
Fashion search engine platform Shoppin has successfully raised $1 million in a funding round spearheaded by InfoEdge Ventures. The funding will be allocated towards:
- Recruiting skilled professionals
- Enhancing proprietary technology
- Accelerating overall growth
According to a press release from Shoppin, the company, founded by Shlok Bhartiya, offers users the capability to discover fashion items through various engaging elements, such as prompts, vibes, detailed product descriptions, and images. The platform aims to streamline the transition from inspiration found on social media platforms to product discovery on e-commerce marketplaces and direct-to-consumer (D2C) brand sites.
Shoppin has ambitious plans to assemble a team of AI engineers who will focus on creating, refining, and expanding advanced AI models. This includes the development of custom-built small language models (SLMs) specifically designed for the fashion sector.
As of now, Shoppin boasts more than 35,000 followers on Instagram and has over 20,000 individuals on its waiting list, with plans to unveil its beta search engine in February.
In a recent initiative, InfoEdge also made investments in ZingBus and Culture Circle.
January 29, 2025
Veloce Fintech Unveils the Exciting Veloce Opportunities Fund
Veloce Fintech Launches Veloce Opportunities Fund
Veloce Fintech, part of the Lemon Group, has officially introduced its SEBI-registered Category-II Alternative Investment Fund (AIF), named the Veloce Opportunities Fund.
According to Veloce, the fund has successfully garnered commitments exceeding Rs 140 crore, which includes a Rs 40 crore green shoe option. The fund has a total target corpus of Rs 200 crore and is expected to close in the coming months. From the commitments made, total drawdown and deployment have surpassed Rs 100 crore.
Investment Focus and Goals
The fund is centered on offering venture debt and pre-IPO funding to MSMEs. Its primary goal is to bridge the gap between the need for growth capital and structured investment options.
About Veloce Fintech
Established by the Lemon Group and led by Nirav Jogani, Veloce Fintech excels in linking Asset Reconstruction Companies (ARCs), real estate developers, MSMEs, and startups with institutional lenders and investors. The fund is managed by a team of seasoned professionals who utilise their extensive experience and industry insights to foster long-term growth for its portfolio companies while delivering consistent high returns for investors.
Investment Strategy
The Veloce Opportunities Fund aims to target over 20 companies, focusing on businesses that demonstrate:
- Clear growth trajectories
- Robust governance practices
- Scalable models
Using a sector-agnostic strategy, the fund supports companies across various sectors, including:
- Manufacturing
- Technology
- Real estate
- Healthcare
- Services
Evaluation and Returns
The fund applies a systematic approach that merges in-depth financial expertise with technology-driven analysis to pinpoint promising companies. Enterprises are shortlisted based on a comprehensive evaluation framework, encompassing:
- Financial performance metrics
- Innovation capabilities
- Market potential
The fund is targeting a return of over 18%. By emphasising debt, regular interest income, and faster cash flow from investments, it anticipates maintaining a higher consistency in payouts, alongside minimising return volatility.
January 28, 2025
VoltUp Secures $8 Million in Seed Funding to Power Its Vision
VoltUp Secures $8 Million in Seed Funding for MaaS and Battery-Swapping Innovation
VoltUp, a pioneering mobility-as-a-service (MaaS) platform and battery-swapping startup, has successfully raised $8 million (Rs 67 crore) in a seed funding round. This round, which consists of both equity and debt financing, was co-led by EM Impact Capital.
Based in Mumbai, VoltUp had earlier secured $10 million in a pre-seed funding round. This brings the total funds raised to $18 million, with backing from notable investors including a prominent Family Office, HDFC Bank, cKers, Grip Invest, and GetVantage.
About VoltUp
Founded in 2019 by Siddharth Kabra, VoltUp offers a battery-swapping solution specifically designed for electric two-wheelers and three-wheelers. Operating across 14 cities, VoltUp employs a technology-driven approach that utilises artificial intelligence and data analytics to:
- Optimise battery station locations
- Monitor battery performance in real-time
- Anticipate user demand
This results in a safer, more efficient, and time-saving alternative to conventional charging methods.
Focus on Safety, Health, and Efficiency (SHE)
With an emphasis on safety, health, and efficiency, VoltUp claims to enhance the sustainability of urban mobility, making densely populated cities smarter and more connected. Its MaaS network provides reliable electric two-wheelers to delivery agents, gig workers, and small businesses, powered by its proprietary swappable battery technology.
Future Plans and Growth
VoltUp aims to accelerate its MaaS offerings by ensuring seamless integration with various electric vehicle platforms for both two- and three-wheelers. The startup reports that its revenue has increased by over four times in the last year. Additionally, it plans to deploy 1,000 new battery-swapping stations across 20 urban centres, thereby supporting its expanding customer base, promoting electric vehicle adoption, and alleviating range anxiety.
In the forthcoming two years, VoltUp intends to invest in assets exceeding $85 million, which will encompass battery-swapping stations, batteries, and the expansion of its MaaS platform. This initiative is expected to lead to additional job creation and facilitate India’s transition towards sustainable mobility.
January 27, 2025
Emiza Secures ₹100 Crore in Series C Funding Round
Funding Update for Supply Chain Startup Emiza
Emiza, a startup specialising in supply chain and warehousing solutions, has successfully secured ₹100 crore (approximately $12 million) in its Series C funding round. This funding round was co-led by Evolvence India and Mirabilis Investment Trust.
The total funding was achieved at a valuation of ₹400 crore (around $50 million) and included both primary and secondary investments, allowing for a profitable exit for some early-stage investors.
The details of this transaction were exclusively reported by Startup Superb earlier this month. Based in Mumbai, Emiza had previously raised $12.5 million from Mayfield and other investors.
Utilisation of Funds
According to a press release from Emiza, the funds will be directed towards:
- Driving innovation within the company
- Enhancing warehouse technology
- Improving automation processes
- Expanding the company’s operational footprint with new facilities
Company Overview
Founded in 2015 by Ajay Rao and Jitendra Kumar, Emiza provides comprehensive logistics and delivery management solutions specifically tailored for e-commerce businesses. The company focuses on:
- Warehousing and fulfilment services
- Optimising inventory storage and distribution through advanced technology and processes
Emiza’s services include:
- Centralised inventory control
- Multichannel order synchronisation
- Inventory storage and management
- Shipping and quality control
- Order processing
- Custom packaging
- Last mile logistics distribution
- Reverse logistics
Emiza has positioned itself as a vital player in the logistics ecosystem, offering tailored warehousing and fulfilment solutions that enhance customer experiences and promote operational excellence among its partners.
Financial Performance
During the fiscal year ending March 2024, Emiza achieved a notable 40% year-on-year growth, reaching ₹102 crore. However, the company’s profits experienced a decline, falling to ₹2.6 crore in FY24, down from ₹4.98 crore in FY23.
January 27, 2025
North East Small Finance Bank Gets a Fresh Identity as Slice Small Finance Bank
Rebranding Initiative for North East Small Finance Bank Limited
North East Small Finance Bank Limited (NESFB) is preparing for a significant rebranding, proposing to change its name to Slice Small Finance Bank Limited (Slice SFB). This information was shared through a recent extraordinary general meeting (EGM) notice.
The name change has already received a ‘no objection’ letter from the Reserve Bank of India (RBI) dated January 16, 2025, and it awaits final approval from the Registrar of Companies. Startup Superb has obtained a copy of the EGM notice.
Merger Details
The merger was finalised in October of last year, following approval from the National Company Law Tribunal (NCLT). The agreement originated in March 2023, when Slice acquired a 5% stake in the Guwahati-based bank for approximately $3.42 million. This merger integrates the operations, assets, and brands of both institutions, resulting in a cohesive, technology-focused banking entity.
Post-merger information indicates:
- The bank’s net worth has increased to Rs 912.58 crore.
- The Capital to Risk Asset Ratio (CRAR) has risen to 23.67%.
- The Net Non-Performing Assets (NNPA) improved from 6.69% to 4.62%.
Funding and Growth Trajectory
As reported by the Economic Times, Slice is currently in discussions to secure an additional $250-300 million. In the previous year, the company generated nearly $8.6 million from its founder and CEO Rajan Bajaj through partly paid-up shares and over $36 million through a debt funding round. This funding round was co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust.
Based in Bengaluru, Slice has successfully raised nearly $400 million in investments, including a $220 million Series B round led by Tiger Global and Insight Partners. Sources indicate that Tiger Global is the predominant stakeholder, closely followed by Insight Partners.
Financial Performance
Slice experienced a significant increase in revenue, tripling to Rs 847 crore in the fiscal year 2023, compared to Rs 283 crore in the previous fiscal year. Nevertheless, this rapid growth has led to a 59.8% rise in losses, which reached Rs 406 crore during the same period. The company has yet to submit its annual report for the financial year 2024.
January 27, 2025
Medusa Beverages Secures ₹56 Crore in Series A Funding Round
Medusa Beverages Secures Rs 56 Crore in Series A Funding
Medusa Beverages, a distinguished craft and premium beer brand, has successfully raised Rs 56 crore ($6.6 million) in a Series A funding round. This round was co-led by Amal N. Parikh and Ashwin Kedia, with contributions from Ramesh Damani, Nikhil Garg, Crest Opportunities, along with other high-net-worth individuals (HNIs).
The funds raised will be directed towards scaling operations and strategically investing in complementary partnerships throughout the value chain, as stated by Medusa Beverages in a press release.
About Medusa Beverages
Established in 2017 by Avneet Singh, Medusa Beverages represents an Indian beer brand that provides high-quality brews featuring bold flavours. The brand is known for:
- Combining unique taste profiles
- Offering striking aesthetics
- Creating an unforgettable beer experience
Medusa specialises in a variety of lager beers, catering to a wide range of tastes and appealing to beer enthusiasts who prioritise both quality and innovation.
Market Position and Vision
In a remarkable achievement, Medusa claims to have attained market leadership in the crown market of Delhi within just five years post-launch. The company is set on enhancing its market presence and is focused on its goal of becoming a leading entity in the Indian alco-bev sector.
Future plans for Medusa include:
- Expanding operations
- Building a diverse portfolio of brands
- Strengthening its footprint in key markets
The company is devoted to growth, fostering innovation, and delivering top-quality products to its consumer base.
Geographic Presence
Based in Delhi, Medusa Beverages operates in several regions including:
- Delhi
- Punjab
- Uttar Pradesh
- Chhattisgarh
- Himachal Pradesh
Additionally, the company runs a brewery located in Punjab.
Competitive Landscape
Medusa faces competition from several notable brands in the industry, such as:
- Goa Brewing
- White Owl
- Drink Monday
- Bira 91
- Amara Breweries
- Foo Brew
January 24, 2025
Tiger Global Fuels Infra.Market’s Growth with $125 Million Investment
Infra.Market Secures Rs 1,049 Crore in Series F Funding
The building materials platform, Infra.Market, is set to raise Rs 1,049 crore (approximately $125 million) through its Series F funding round. This comes after the completion of the concluding tranche of its Series E round in September 2024.
In a recent regulatory filing obtained from the Registrar of Companies, Infra.Market’s board has approved a special resolution to issue 49,149 compulsory convertible preference shares priced at Rs 2,13,439 each to amass the Rs 1,049 crore ($125 million).
Funding Structure
The Rs 1,049 crore Series F funding round is positioned as a pre-IPO manoeuvre, organised into two distinct tranches:
- First Tranche: Rs 498 crore (Series F)
- Second Tranche: Rs 551 crore (Series F1)
First Tranche Details
According to the filings, the initial tranche of Rs 498 crore ($60 million) is spearheaded by Tiger Global, which has contributed Rs 211 crore. Additional investments come from Evolvence Group and Fundamental Fund, contributing Rs 168 crore and Rs 119 crore, respectively.
This investment is notable for existing investor Tiger Global, particularly given its limited activity recently. To illustrate, Tiger Global made only two investments in 2024: Wiz Freight and Jupiter’s NBFC operations, both as an existing investor.
Anticipated Second Tranche
The second tranche of Rs 551 crore is still pending completion. Several investors are expected to participate, including:
- Capri Global
- Eudora Ventures
- Kangaro Industries
- SVV Limited
- Premratan Exports
- Verity Knowledge
Individual investors such as Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Dimpy Kanwar, and Sapna Vig are also anticipated to join. Furthermore, Tiger Global, Evolvence, and Fundamental Fund may additionally invest in this tranche.
Company Valuation
Estimates by Startup Superb suggest that Infra.Market has reached a valuation of approximately Rs 24,000 crore or $2.8 billion post-allotment.
Product Offering
Infra.Market’s platform provides a comprehensive array of building material products, including:
- Structural Products: Concrete, Steel, Construction Chemicals
- Finishing Products: AAC blocks, MDF, Plywood, Pipes and Fittings
- Lifestyle Products: Tiles, Sanitaryware, Laminates, Paints, Fans, Lights, Appliances, Modular Kitchens, Consumer Durables
Financial Performance
The company generates revenue through the sale of these diverse products. In FY24, Infra.Market reported consolidated gross revenue of Rs 14,530 crore, up from Rs 11,847 crore in FY23. Additionally, the firm experienced a significant profit increase, with a 2.4 times rise, reaching Rs 378 crore in the last fiscal year.
January 23, 2025
Eximius Ventures Launches $30 Million Fund to Fuel Pre-Seed Innovation
Eximius Ventures Launches Second Fund Targeting $30 Million
Eximius Ventures, a venture capital firm focused on pre-seed investments, has announced the launch of its second fund, aimed at raising a total of $30 million. Fund II is set to strategically invest in 25 to 30 companies across various sectors, including:
- Fintech
- Artificial Intelligence (AI) / Software-as-a-Service (SaaS)
- Frontier technology
- Consumer technology
The firm intends to begin investments with an initial cheque of $500,000 for each selected company. Additionally, half of the fund’s total capital will be allocated for follow-on investments to bolster its promising portfolio companies.
Initial Investments Made
As stated by Eximius Ventures, Fund II has already made investments in four companies within the realms of consumer technology and AI/SaaS. These investments have been executed either independently or in partnership with other institutional investors.
Commitment to Pre-Seed Startups
Eximius Ventures is steadfast in its commitment to pre-seed startups, aiming to foster momentum within India’s innovation landscape. The venture capital firm seeks to bridge the gap for entrepreneurs in search of their first institutional funding while empowering them to prosper in an increasingly competitive global market. With this new fund, Eximius Ventures aspires to accelerate growth and establish enduring collaborations with visionary entrepreneurs.
Building on Past Success
In 2021, Eximius Ventures introduced its first fund, which was valued at $10 million. The launch of Fund II facilitates further scaling of its support for innovative ventures. The capital for this fund will be sourced from a diverse array of limited partners (LPs), including:
- High-net-worth individuals (HNIs)
- Founder-investors
- Family offices
- Global Japanese corporate venture companies (CVCs)
Performance of Fund I
Eximius Ventures’ inaugural Fund I has successfully invested in 23 companies. It has reported that approximately 60% of these portfolio companies have secured multiple up-round investments from notable global investors, achieving an Internal Rate of Return (IRR) exceeding 40%. Fund II aims to continue this successful trajectory by employing a similar investment strategy. Notable investments from Fund I include:
- Jar
- Finarkein
- Vegapay, a plug-and-play credit card platform
- Stan, a gamified engagement platform
January 23, 2025